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Mitsui High-tec (TSE:6966) Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Mitsui High-tec has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Mitsui High-tec's Piotroski F-Score or its related term are showing as below:

TSE:6966' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Mitsui High-tec was 8. The lowest was 3. And the median was 6.


Mitsui High-tec Piotroski F-Score Historical Data

The historical data trend for Mitsui High-tec's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Mitsui High-tec Annual Data
Trend Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 8.00 7.00 7.00 4.00

Mitsui High-tec Quarterly Data
Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 - - - 4.00

Competitive Comparison

For the Semiconductors subindustry, Mitsui High-tec's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Mitsui High-tec Piotroski F-Score Distribution

For the Semiconductors industry and Technology sector, Mitsui High-tec's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Mitsui High-tec's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jan24) TTM:Last Year (Jan23) TTM:
Net Income was 円15,545 Mil.
Cash Flow from Operations was 円31,676 Mil.
Revenue was 円195,881 Mil.
Gross Profit was 円32,682 Mil.
Average Total Assets from the begining of this year (Jan23)
to the end of this year (Jan24) was (159803 + 195696) / 2 = 円177749.5 Mil.
Total Assets at the begining of this year (Jan23) was 円159,803 Mil.
Long-Term Debt & Capital Lease Obligation was 円48,871 Mil.
Total Current Assets was 円92,089 Mil.
Total Current Liabilities was 円46,733 Mil.
Net Income was 円17,581 Mil.

Revenue was 円174,615 Mil.
Gross Profit was 円35,941 Mil.
Average Total Assets from the begining of last year (Jan22)
to the end of last year (Jan23) was (134036 + 159803) / 2 = 円146919.5 Mil.
Total Assets at the begining of last year (Jan22) was 円134,036 Mil.
Long-Term Debt & Capital Lease Obligation was 円39,506 Mil.
Total Current Assets was 円85,139 Mil.
Total Current Liabilities was 円37,334 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Mitsui High-tec's current Net Income (TTM) was 15,545. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Mitsui High-tec's current Cash Flow from Operations (TTM) was 31,676. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jan23)
=15545/159803
=0.09727602

ROA (Last Year)=Net Income/Total Assets (Jan22)
=17581/134036
=0.13116625

Mitsui High-tec's return on assets of this year was 0.09727602. Mitsui High-tec's return on assets of last year was 0.13116625. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Mitsui High-tec's current Net Income (TTM) was 15,545. Mitsui High-tec's current Cash Flow from Operations (TTM) was 31,676. ==> 31,676 > 15,545 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jan24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jan23 to Jan24
=48871/177749.5
=0.27494311

Gearing (Last Year: Jan23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jan22 to Jan23
=39506/146919.5
=0.26889555

Mitsui High-tec's gearing of this year was 0.27494311. Mitsui High-tec's gearing of last year was 0.26889555. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jan24)=Total Current Assets/Total Current Liabilities
=92089/46733
=1.97053474

Current Ratio (Last Year: Jan23)=Total Current Assets/Total Current Liabilities
=85139/37334
=2.28046821

Mitsui High-tec's current ratio of this year was 1.97053474. Mitsui High-tec's current ratio of last year was 2.28046821. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Mitsui High-tec's number of shares in issue this year was 36.551. Mitsui High-tec's number of shares in issue last year was 36.552. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=32682/195881
=0.1668462

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=35941/174615
=0.20582997

Mitsui High-tec's gross margin of this year was 0.1668462. Mitsui High-tec's gross margin of last year was 0.20582997. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jan23)
=195881/159803
=1.22576547

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jan22)
=174615/134036
=1.30274702

Mitsui High-tec's asset turnover of this year was 1.22576547. Mitsui High-tec's asset turnover of last year was 1.30274702. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Mitsui High-tec has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Mitsui High-tec  (TSE:6966) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Mitsui High-tec Piotroski F-Score Related Terms

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Mitsui High-tec (TSE:6966) Business Description

Traded in Other Exchanges
Address
2-10-1,Komine, Yahatanishi-ku, Kitakyushu, JPN, 807-8588
Mitsui High-tec Inc manufactures and sells lead frame, motor core, precision tooling and machine tools in Japan. Its precision tooling/precision parts products include motor core dies, lead frame dies, mold dies, trim and form dies, and other type of stamping tools used in motor cores and IC lead frames, electric motor cores, automobile components, coins, and resin injection molding. It also provides open lead frames for semiconductor packages; and motor parts.

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